Global Lighting Product Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Lighting product uses the power source to achieve a practical or aesthetic effect. Electrical lighting products comprise electronic ballasts, incandescent lamps, ferromagnetic (fluorescent lighting), luminaires, and LED lighting.
The factors that are playing a major role in the growth of market are rising technological enhancement in lighting products, growing population, and rapid urbanization in emerging countries, and government initiatives like smart cities across the APAC countries. However, lack of awareness among populace regarding the efficient utilization of energy may restrain overall market growth in the years to come. Lighting product market is segmented based on product type, component, application, and region.
Electric discharge lamps and arc lamps are the product types that could be explored in the forecast period. Arc lamps sector comprises tungsten halogen lamps, infrared and ultraviolet lamps, and sealed beam lamps. On the other hand, the electric discharge lamps sector comprises Portable electric lamps, Electric ceiling and wall lights, and Electric floor, table, desk, and bedside lamps.
Lighting Fixture and standalone are the components could be explored in the forecast period. Lightening fixture sector comprises strip light fixture, recessed lighting fixture, and ceiling fixture. Whereas standalone sector comprises T8 led bulbs & tubes, led tubes and bulbs, and others. Led tubes and bulbs sector accounted for the substantial market share of lighting product and are estimated to lead the overall market in the years to come.
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The market may be categorized based on applications like commercial, residential, outdoor, industrial, and others that could be explored in the forecast period. Residential lighting comprises a desk lamp, table lamp, floor lamp, and others. The industrial sector accounted for the significant market share of lighting product and is estimated to lead the overall market in the years to come. The reason could be developing industrial sector in developing countries like India, Japan, and China. In addition, the residential sector is estimated to grow at highest CAGR in the years to come.
Globally, Asia Pacific accounted for the substantial market share of lighting product and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region and rising use in industrial automation in developing countries. The developing countries like Japan, India, and China are the major consumers of lighting product in this region.
North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of lighting product market are FSL, Philips Electronic, OPPLE, GE Lighting, Hafele, Panasonic, LSI Industries, CREE, DECO Lighting, OSRAM, Acuity Brands, SAMSUNG, PAK, and Toshiba. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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